Read on the application
The Income Tax Department has provided the facility to file income tax returns for the assessment year 2024-25. Forms ITR-1 (Sahaj) and ITR-4 (Sugam) have been issued for this. This time the department has made some changes in it. Under this the taxpayers have to provide details of cash received during the year and all their bank accounts in the country.
ITR-1 (Sahaj) can be filed by a resident individual whose income is up to ₹50 lakh and whose income is up to ₹5,000 from salary, house property, other sources (interest) and agricultural income. New information issued to such taxpayers for assessment year 2024-25 ITR The form must contain details of all your bank accounts and their types during the last financial year.
At the same time, ITR-4 (Sugam) can be filed by those individuals, Hindu Undivided Families and Limited Liability Partnership (LLP) companies, whose total income is up to Rs 50 lakh and whose income is from business and profession. This time a separate column has been added in this form, in which detailed details of cash received during the year have to be given. Last year, a separate column for cryptocurrency was added to this form.
Pre-filled data needs to be verified: According to the Income Tax Department, Form-1 and Form-4 will be available with pre-filled data while filing returns online. The ITR form on the department’s e-filing website comes with pre-filled data like total income, total savings and TDS etc. Taxpayer only needs to match the information available in the online form with Form-16, Annual Information Statement (AIS) and Form 26AS.
Made available faster this time Form: Generally ITR form is issued in late March or early April. Last year, the ITR forms were released in February, but this year, to facilitate early filing of returns by taxpayers, the ITR forms have been made available only in December.